Net-Leased All-Cash 4 DST
Net lease retail property · sponsored by ExchangeRight
Net-Leased All-Cash 4 DST was a DST sponsored by ExchangeRight that owned a net lease retail property (39,029 sq ft). Its last Form D, filed Aug 5, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Aug 5, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $22,900,000Equity offered, per the Form D
- Sold
- 100%Form D, Aug 5, 2025; the % is our arithmetic
- Investors reported
- Form D, Aug 5, 202558
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,145,000 · 5.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Net-Leased All-Cash 4 DST. Top1031 is not a broker-dealer.Net-Leased All-Cash 4 DST · Photo: cdn-static.exchangeright.com
What did Net-Leased All-Cash 4 DST own?
The Trust holds a portfolio of single-tenant retail buildings across Florida and North Carolina, part of ExchangeRight's all-cash net-leased series. Public materials reviewed do not establish the individual street addresses, purchase prices, or acquisition dates. One third-party marketplace listing conflicts with the sponsor's figures, describing four properties and more than 45,000 rentable square feet. 3
- Property size
- 39,029 sq ft; 3 properties
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
ExchangeRight describes this as a debt-free strategy: the Trust owns its properties outright, so there is no lender, no mortgage maturity to refinance, and no foreclosure risk. 4 It also means the exchange brings no replacement debt, which matters to investors whose relinquished property carried a loan.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $1,145,000 · 5.0% of offering
- Finders’ fees
- Not in the Form D
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 11 named in the Form D
Show the firms
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Concorde Investment Services, LLC · CRD 151604
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Invicta Capital LLC · CRD 288101
- Lighthouse Capital Group, LLC · CRD 169135
- McDermott Investment Services, LLC · CRD 154926
- Metric Financial, LLC · CRD 33324
- Realta Equities, Inc. · CRD 23769
- Saxony Securities, Inc. · CRD 115547
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Apr 22, 2024
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.
Who's behind Net-Leased All-Cash 4 DST?
ExchangeRight is a Pasadena, California sponsor that packages net-leased retail real estate into 1031 exchange programs, and this Trust is one of many it has taken to market. 1 It runs both leveraged and all-cash offerings; the all-cash line holds property without mortgage debt. On September 30, 2024, the sponsor announced this Trust had been fully subscribed.
- Sponsor
- Offerings on record
What does the SEC record show?
ExchangeRight filed an original Form D — the SEC's brief notice of an exempt private offering — and later a single amendment reporting the raise complete. The offering was sold privately, without general advertising, to accredited investors, and the amendment reports a first sale date of April 22, 2024. 1
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 4 DST
- SEC CIK
- 2021159
- First Form D
- Apr 25, 2024
- Latest Form D
- Aug 5, 2025
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $22,900,000 | $22,900,000+$22,900,000 | 58 | EDGAR | |
| Form D | $22,900,000 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to Net-Leased All-Cash 4 DST?
- Net-Leased All-Cash 4 DST is a Historical offering. The last Form D, filed Aug 5, 2025, reports the offering fully sold.
- What does an all-cash DST mean for a 1031 exchange?
- It means the Trust bought its properties without a mortgage. There is no lender, no loan maturity, and no debt service ahead of investors. It also means the investment carries no replacement debt, so an exchanger whose relinquished property had a loan would need another source to match that debt or would face boot on the difference. Discuss the arithmetic with your own tax adviser.
- Who are the tenants and where are the properties?
- Public materials identify Daybreak Market and Fuel, Tractor Supply, and Dollar Tree as the tenants, with the properties located in Florida and North Carolina. Individual street addresses, cities, purchase prices, and lease expiration dates were not established in the public records reviewed as of September 6, 2026; the offering documents are where those details would appear.
- Will this Trust convert into a REIT through a 721 exchange?
- The Top1031 record shows no 721/UPREIT exit feature — that is the structure where DST interests are later contributed to a REIT's operating partnership in exchange for units. ExchangeRight's September 30, 2024 announcement described a tax-deferred cash-out financing exit strategy for the offering. What ultimately happens is governed by the trust agreement and offering documents.
- How many SEC filings exist for this Trust, and what do they show?
- Two: an original Form D dated April 25, 2024 and a Form D/A dated August 5, 2025. Form D is a short notice filing, not a prospectus — it reports the offering size, the exemption relied on, the minimum investment, and how much has been sold, but nothing about the buildings, the leases, or performance.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.